Compensation plan ruling finalized, Musk becomes the world's first person with a net worth exceeding $700 billions
According to a report by Jinse Finance, Forbes Billionaires Index shows that after the Delaware Supreme Court reinstated the $139 billion Tesla stock options that were voided last year, Tesla CEO Elon Musk's net worth soared to $749 billion on Friday night. Musk's 2018 compensation package was once valued at $56 billion, but was dismissed as "outrageous" by a lower court two years ago. Now, the Delaware Supreme Court announced on Friday that the package would be reinstated. The Supreme Court stated that the 2024 decision to revoke this compensation package was improper and unfair to Musk. Earlier this week, there were reports that his aerospace startup SpaceX might soon go public, after which Musk's net worth surpassed $600 billion, making him the first billionaire in the world to achieve this milestone.
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In September, new home sales in the United States reached an annualized rate of 676,000 units, surpassing the market expectation of 651,000 units. The median price for new homes was $400,400, marking a year-on-year decline for seven months within the year. U.S. mortgage rates reached their highest level in nearly three years at the beginning of October last month. Economists note that "price reductions and mortgage rate subsidies help sustain sales, but the market relies more on builder concessions rather than strong endogenous demand."
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